Flipkart shifts domicile to India ahead of IPO; says, 'We are grateful to the govt of India for its support'

IPO-bound ecommerce marketplace Flipkart has completed its reverse flip to India, relocating its holding company domicile from Singapore after securing the required approvals from the Indian government.

In a statement, the company said, “Flipkart has received Government of India approval for its internal restructuring, pursuant to which Flipkart Internet Private Limited is now the holding entity of the Flipkart group. This completes the redomiciliation of the Flipkart group to India, a significant milestone that reflects our deep and long-term commitment to India.”

The reverse flip had earlier received approval from the National Company Law Tribunal (NCLT) in December. However, the company was also required to obtain central government clearance under the Press Note 3 rules, which regulate investments from countries sharing land borders with India.

As part of the restructuring, Flipkart’s India entity will merge with several Singapore-based subsidiaries including Flipkart Health Pvt Ltd, QuickRoutes International Pvt Ltd, Flipkart Marketplace Pvt Ltd and FK Myntra Holdings Pvt Ltd. These entities house businesses across fashion, logistics and other verticals.

The process will eventually see the Singapore-based holding company folded into Flipkart Internet Pvt Ltd, the Bengaluru-headquartered operating entity, which will now serve as the group’s principal holding company in India. The restructuring is aimed at simplifying Flipkart’s corporate structure and aligning it more closely with its core business operations in India.

“We are grateful to the Government of India for its support and look forward to the next phase of Flipkart’s growth as a fully Indian-domiciled company,” the company said.

Flipkart had originally shifted its domicile to Singapore in 2011 to attract foreign capital, a move widely adopted by Indian startups at the time. However, companies seeking to list on domestic stock exchanges have increasingly been reversing that structure. Startups such as Meesho and Groww have also redomiciled to India ahead of their public listings.

The reverse flip clears the way for Flipkart to accelerate preparations for its proposed IPO. The company has reportedly begun discussions with several investment banks including Goldman Sachs, Kotak Mahindra Capital, Morgan Stanley and JP Morgan, and is expected to file its draft prospectus later this year.

Flipkart has raised over $10 billion in funding to date and counts Walmart as its largest shareholder, which holds nearly four-fifths of the company. Other investors include Google, SoftBank, Qatar Investment Authority, Microsoft and Tencent.